By Tai-Yoo Kim, Almas Heshmati
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Additional resources for Economic Growth: The New Perspectives for Theory and Policy
Simple-reproduction societies, they differed from those with an expansive-reproduction structure1 created by technology development and capital accumulation. As a result, the agricultural society reached an economic growth limit as time elapsed. At the end of an agricultural society era, the limit was overcome by expansive reinvestment of capital via trade and the appearance of a commercial society, which experienced a gradually increasing economic growth rate. However, commercial societies also reached a growth limit because the technology advancement that would keep up the expansive-reproduction lagged behind.
In other words, in industrial societies, quantitative growth cannot be the indicator of economic growth; only qualitative growth can be the correct indicator. The change from a decelerating agricultural society to a society with accelerating economic growth is not a continuous but a discontinuous phenomenon. This phenomenon is the mutation of the economic system rather than its evolution. During the thousands of years in human history, a spontaneous mutation had occurred only once in the UK. After late-starting industrialized countries learned from and imitated based on the British industrial revolution, they directly reflected their knowledge in their agricultural societies.
The agricultural economy is a simple reproduction economy; thus it does not achieve a virtuous circle of economy in itself because this economy is not growth oriented but stagnation. In times past, war was considered as a way to create growth in a stagnant agricultural economy. It is impossible to break the pattern of decelerating growth and stagnation through the extension to adjacent marginal farmland except in special cases such as finding the New World. This is because improvement in production in a pure agricultural society where technological progress is very slow is impossible due to the absence of new technologies such as mechanized farming techniques, chemical fertilizer and the improvements of seeds that exist in industrial societies.